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Nov 22, 2012
11/12
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medicare, medicaid, the chief drivers of our president -- deficit. we made a lot of progress, but there is still spending we have to cut. the big bottleneck is republicans in congress on revenue and how much they're willing to come from. democrats will also have to step up and do some tough things. the notion that somehow these deficits and our debt are not a threat to our national security and economic future is something i cannot -- disagree with more strongly, as does the president. there are commentators on the left that suggest that -- we should not deal with it at all. we have to deal with it. think about the damage -- let's say we could reach an agreement. i happen to believe, i am not an economist by training, but we have been around enough to understand -- that would be a great driver for our economy. we are over performing the rest of the world right now. if we can actually -- for the business community and the american people say we have our fiscal house in order for a 20 period and will still be able to invest in education and technology
medicare, medicaid, the chief drivers of our president -- deficit. we made a lot of progress, but there is still spending we have to cut. the big bottleneck is republicans in congress on revenue and how much they're willing to come from. democrats will also have to step up and do some tough things. the notion that somehow these deficits and our debt are not a threat to our national security and economic future is something i cannot -- disagree with more strongly, as does the president. there...
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Nov 27, 2012
11/12
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it is still about three times the average deficit under bush. let us go back to the clinton tax era. eileen anywhere between republican and libertarian. up -- yes i am not. i lean anywhere between republican and a libertarian. host: what do you make of republicans up on capitol hill -- to sort of a back off the tax pledge that he took when he ran for senate, saying he would not raise taxes. caller: if we are going to raise taxes my important thing is raising them on everybody. because if they try to strike a compromise where only the rich get taxed, then it gets more progressive. it is not a point to help the budget. we are right to raise taxes, raise them all the way down to where clinton had them. host: senators lindsey gramm represented peter king, talking publicly abandoning the pledge of democrats will talk seriously about entitlement reforms. rest in peace, grover norquist? there are not enough republican tax hikes -- republicans to hike taxes for obama. the left is doing its best to make tax hikes appear to be a foregone conclusion. that
it is still about three times the average deficit under bush. let us go back to the clinton tax era. eileen anywhere between republican and libertarian. up -- yes i am not. i lean anywhere between republican and a libertarian. host: what do you make of republicans up on capitol hill -- to sort of a back off the tax pledge that he took when he ran for senate, saying he would not raise taxes. caller: if we are going to raise taxes my important thing is raising them on everybody. because if they...
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Nov 26, 2012
11/12
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however, the cbo projects that under a possible such a policy assumptions the deficit could still be greater than 4% of gdp in 2018, assuming the economy has returned to its potential by then. moreover, under the protection, the deficit and the ratio of federal debt to gdp would subsequently returned to an upward trend. we should all understand that long-term projections of ever increasing deficits will never accept underpass because the willingness of lenders to continue to fund the government can only be sustained by a responsible fiscal plans and actions. a credible framework to set a better fiscal policy, one in which the ratio of federal debt to gdp eventually stabilizes or declines, is urgently needed to maintain stability. even as policy-makers address the urgent issue of longer run out stability, they should not ignore a second key objective, to avoid unnecessarily adding to the head winds that are already holding back the economic recovery. fortunately, these objectives are compatible and mutually reinforcing. preventing a sudden and severe contraction in fiscal policy early
however, the cbo projects that under a possible such a policy assumptions the deficit could still be greater than 4% of gdp in 2018, assuming the economy has returned to its potential by then. moreover, under the protection, the deficit and the ratio of federal debt to gdp would subsequently returned to an upward trend. we should all understand that long-term projections of ever increasing deficits will never accept underpass because the willingness of lenders to continue to fund the government...
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Nov 27, 2012
11/12
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we also have an infrastructure deficit and education and skills training deficit. we want to get back on track and address that issue. they will have a paycheck and their families will be able to have food on the table. i think this showed us that we can work in a bipartisan way. i hope that we can do that moving forward now to address the number one issue for every family. jobs. >> why would this be more successful in addressing taxes or entitlement program when the by in group for the -- >> the answer is pretty obvious. hanging over the head of the joint committee is this trigger that is pretty drastic. >> are there things to keep this from happening again? is there a chance that the house caucus once again will say, we are t going to support a debt ceiling increase after 2013. >> i think this sets the tone for what happens in the future and think the trigger kicks in. of course, they will take places in between that and 2013. >> the extension, by the end of the day, would you be head to head? >> we have 80,000 jobs on the line. we started construction about two
we also have an infrastructure deficit and education and skills training deficit. we want to get back on track and address that issue. they will have a paycheck and their families will be able to have food on the table. i think this showed us that we can work in a bipartisan way. i hope that we can do that moving forward now to address the number one issue for every family. jobs. >> why would this be more successful in addressing taxes or entitlement program when the by in group for the...
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Nov 21, 2012
11/12
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he was an influential member on a balanced budget and deficit issues. he did not run for reelection in 1992. several years later while speaking about his public service, he said he had no regrets about not seeking another term. >> the question is does my retiring reflect a feeling of pessimism. not necessarily, but i have served this country and a variety of ways. 4677 years, when i met my deputy. private practice, i ran for the senate. i know 25 years of my life was in public service. although i know i look 45, i am a little bit older. i decided there were some other things i wanted to do. i wanted to write. i wanted to do something as a private citizen. if there had been a two-year commitment, i would have done it. not after another six years, and i have never regretted it, and never looked back. do not misunderstand me. if you read my book, you will get it. i love my service. it meant a lot to me. it was hard to walk away from. there were other things i wanted to do. the easy thing would have been to run for reelection. >> in a few moments, defense s
he was an influential member on a balanced budget and deficit issues. he did not run for reelection in 1992. several years later while speaking about his public service, he said he had no regrets about not seeking another term. >> the question is does my retiring reflect a feeling of pessimism. not necessarily, but i have served this country and a variety of ways. 4677 years, when i met my deputy. private practice, i ran for the senate. i know 25 years of my life was in public service....
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Nov 28, 2012
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now we're facing debt and deficit. on the question of labour supply and investment of savings, it is hard to know what the rates would have been. but in general, tax rates to increase porges station in the labour market, particularly for women. there is every -- very strong evidence that lower tax rates make people save more prepared host: did it create jobs? guest: the tax policy itself does not create jobs. employers create jobs. there was a recession and at the bush administration in the beginning and one at the end. that continued into the obama administration. jobs come and go. at the moment, we have a significant job deficit. but i think if we look not just at the bush tax cuts in isolation, but the tax policy over the history of the united states and in other countries, we see the lower chart -- lower tax rates do contribute to getting jobs. host: ethan pollack, as did the bush tax cuts work? guest: they did work in the sense that they cost a lot of money and reduced surpluses. 80% of the debt added during the t
now we're facing debt and deficit. on the question of labour supply and investment of savings, it is hard to know what the rates would have been. but in general, tax rates to increase porges station in the labour market, particularly for women. there is every -- very strong evidence that lower tax rates make people save more prepared host: did it create jobs? guest: the tax policy itself does not create jobs. employers create jobs. there was a recession and at the bush administration in the...
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Nov 28, 2012
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social security has not added one penny to the deficit. for those who say there is good reason to push it off the table and wait, i would add a note of caution. small changes made today in social security will play out over the long run to buy us solvency for a long time. we should take perhaps all the security off the table but be very honest but we will achieve in the near term. i think we should create the equivalent of eight simpson- bowles region of a simpson- bowles, and come up with a plan to buy 75 years of salt with the rigid of solvency. -- of solvency foug. i might add a wrinkle here. years, a similar commission ought to be creat ed. not get into this mess where we have six months to go with social security. you know how important it is for people. people are devastated by the recession and their pension plans lost. it is important to us, our kids come and grandchildren. i think we should create a commission that will report back to congress before a vote by the end of the next calendar year. i want to talk about the two toughes
social security has not added one penny to the deficit. for those who say there is good reason to push it off the table and wait, i would add a note of caution. small changes made today in social security will play out over the long run to buy us solvency for a long time. we should take perhaps all the security off the table but be very honest but we will achieve in the near term. i think we should create the equivalent of eight simpson- bowles region of a simpson- bowles, and come up with a...
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Nov 24, 2012
11/12
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the trust fund will run -- to mask the overall deficit. it was a nice tax breaks for low income seniors. that was stealing from that trust fund. we call it the social security fund. there is no trust in my estimation. host: this is from the huffy to post a business section. earlier this week-- huffington post business section. older americans are in the cross hairs. when congress returns for a lame-duck session, stocks will keep up -- talks will heat up and there may be reinvigorated discussions on a grand bargain. the last time that happens, president obama considered a proposal favored by republicans to extend the eligibility for medicare to 67. as a guy who turned 65, your thoughts about extending the eligibility for medicaid to 67. guest: if you are younger, you are not thinking about it. i think it would be prudent to do that for the health of the country in the future of the people. obviously, if you are at or near 65, you cannot do it. the thing i wonder is, as part of this whole situation, why is there no effort to really, really c
the trust fund will run -- to mask the overall deficit. it was a nice tax breaks for low income seniors. that was stealing from that trust fund. we call it the social security fund. there is no trust in my estimation. host: this is from the huffy to post a business section. earlier this week-- huffington post business section. older americans are in the cross hairs. when congress returns for a lame-duck session, stocks will keep up -- talks will heat up and there may be reinvigorated...
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Nov 27, 2012
11/12
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not to reduce the deficit. if the goal was to reduce the deficit, why refuse to end taxpayer subsidies for the oil companies? if reducing the deficit was the purpose, why refuse to and special breaks for corporate jets and the folks at the very high end of the income scale? that was not the plan. the plan was to use this moment to threaten the economy, to try and slash the social safety net and those critical investments in education, innovation, and our future. guess what? they failed to do that. they failed to end the medicare guaranteed. they failed to slash medicaid, education. in this measure, we succeeded in protecting medicare and social security beneficiaries. we succeeded in protecting seniors in nursing homes, individuals with disabilities, and poor kids who depend on medicaid for their health care. we succeeded in providing room for critical investments in education and america's future. do not get the wrong, mr. speaker. there is much in this plan i do not like. we did not succeed in shutting down s
not to reduce the deficit. if the goal was to reduce the deficit, why refuse to end taxpayer subsidies for the oil companies? if reducing the deficit was the purpose, why refuse to and special breaks for corporate jets and the folks at the very high end of the income scale? that was not the plan. the plan was to use this moment to threaten the economy, to try and slash the social safety net and those critical investments in education, innovation, and our future. guess what? they failed to do...
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Nov 29, 2012
11/12
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we had a significant deficit. but the long term looked possible if we could solve the sshort-term problems. that was easier. in 1990, the parties were competitive, but they were not polarized. in those days, the bad guys were the opposition. today, they are the enemy. there is a world of difference between those two words. yes, we had some distrust. also, we had the ability to work with each other and believe each other and it made life easier at that time. there were other divisions in the congress. the party polarization today tends to make it republicans versus democrats all the way. there were other sub factions in those days. the budgeteers verses the appropriators, etc., that cut across some of those party lines. the most important difference, in my judgment, is that there was less outside pressure upon the negotiators from the radio and tv extremists, lobbyists, core constituencies, users of social media, etc. mostl they did not get 500 e-mails every minute in their office. they did not have people featurin
we had a significant deficit. but the long term looked possible if we could solve the sshort-term problems. that was easier. in 1990, the parties were competitive, but they were not polarized. in those days, the bad guys were the opposition. today, they are the enemy. there is a world of difference between those two words. yes, we had some distrust. also, we had the ability to work with each other and believe each other and it made life easier at that time. there were other divisions in the...
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Nov 26, 2012
11/12
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the deficit, the widest measure of trade, runs about 4% to 5% gdp now. manufacturing is about 11% of gdp. service hervey produces and exports. how the square the circle? >> thank you. with a lot of questions on the table from energy and whether we should have ambiguity on what is in the south china sea or not. indian ocean base is, human rights, and the question about borrowing from china to save china. i will start with paul. >> i will start with human- rights question first because i know it is a real strategic dilemma for nations that are engaged primarily economically with china, because there always has to be a human rights imperative. it is either the elephant in the room or is the challenge to getting into the agreements you want to be in. that the said, there are 400 or 500 million chinese living on the same per capita income as nigeria with $2 a day. that is always a real concern for the chinese and a one-party state where the military and internal security forces are also party entities. a real challenge. i want to touch on the question about o
the deficit, the widest measure of trade, runs about 4% to 5% gdp now. manufacturing is about 11% of gdp. service hervey produces and exports. how the square the circle? >> thank you. with a lot of questions on the table from energy and whether we should have ambiguity on what is in the south china sea or not. indian ocean base is, human rights, and the question about borrowing from china to save china. i will start with paul. >> i will start with human- rights question first...
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Nov 29, 2012
11/12
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deficits that are unsustainable. i hope at the end of this year that -- congress will extend the middle class for 98% of americans, but let the tax cuts on that 2% expire. host: william mcbride, is the payroll tax cut a side issue? guest: it was front and center a year ago. it was debated in stages. we had a two month extension last year at this time. we had a protracted debate that picked up again in february and was extended again for the rest of the year. that was an major push by the president. it is a major deal. it is more than $100 billion a year, the estimate is $125 billion a year. that is more than 10% of the deficit. these are big numbers. it is an unprecedented policy, to start it two years ago and prior to that time -- the first time it was passed it was for one year. it was debated again last year. we did not play around politically with the payroll tax to much. nothing like we did with the income tax. it is rather unprecedented, cuts in to a program that was posted a dedicated to social security -- sup
deficits that are unsustainable. i hope at the end of this year that -- congress will extend the middle class for 98% of americans, but let the tax cuts on that 2% expire. host: william mcbride, is the payroll tax cut a side issue? guest: it was front and center a year ago. it was debated in stages. we had a two month extension last year at this time. we had a protracted debate that picked up again in february and was extended again for the rest of the year. that was an major push by the...
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Nov 27, 2012
11/12
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it has not added one penny to the deficit. for those who say there is a good reason to push it off the table and we brought another day, i would add a note of caution. small changes made today in social security will play out over the long run it to buy solvency for a long time. i think we should take social security off the table for the current fiscal cliff but be very honest about what we're going to achieve in the near term. i think we should create the equivalent of the simpson- bowles commission for social security and give them eight months to a year to come up with a planned to buy us 75 years of solvency for social security. then bring it to the floor for a vote and allow any bipartisan group who can come up with a credible plan that meets the same goal to offer their own to be voted on in the senate and house. i might add a wrinkle here that senator mark warner came up with that i think is sensible. there should be a decennial process. every 10 years, but they should measure whether or not social security still has 7
it has not added one penny to the deficit. for those who say there is a good reason to push it off the table and we brought another day, i would add a note of caution. small changes made today in social security will play out over the long run it to buy solvency for a long time. i think we should take social security off the table for the current fiscal cliff but be very honest about what we're going to achieve in the near term. i think we should create the equivalent of the simpson- bowles...
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Nov 28, 2012
11/12
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they're important for deficits and debt. but the real question is will people's salaries and incomes grow before they pay their taxes? host: on the republican side they argue you have to extend the tax cuts for everybody otherwise small businesses will be hurt. how did small businesses do under president clinton? guest: small businesses did well under president clinton. the dot-com boom and the peace dividend at the end of the cold war, and relatively good economic policies lifted economic growth for everyone. the fact that clinton had higher income taxes and that helped the deficit, that helped quite a bit. but it was overall economy, overwhelmed, the strength of the overall economy overwhelmed the tax policy questions of the 19 0s. host: ok. from nebraska, a democratic caller. caller: hello. are you there? host: we're listening. caller: ok. my question was on the tax increases. the tax increase for the top earners of the country, over $250,000, does this include businesses making $250,000 or is that just two individuals th
they're important for deficits and debt. but the real question is will people's salaries and incomes grow before they pay their taxes? host: on the republican side they argue you have to extend the tax cuts for everybody otherwise small businesses will be hurt. how did small businesses do under president clinton? guest: small businesses did well under president clinton. the dot-com boom and the peace dividend at the end of the cold war, and relatively good economic policies lifted economic...
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Nov 28, 2012
11/12
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and actually it make ours deficit worse system of we need to get this right. i can only do it with the help of the american people. so tweet, what was that again, #my2k. tweet using the hashtag #my2k. post it on a member of congress' facebook wall, email, to what it takes to communicate a sense of urgency. we've got a few weeks to get this thing done. we could get it done tomorrow. now, optimistcally, i don't think we're going to get it done tomorrow. but i tell you if everybody here goes out of their way to make their voices heard and spread the word to your friends and family, co-workers, neighbors, then i am confident we will get it done. and we will put america on the right track, not just for next year but for many years to come. all right? thank you very much, everybody. [applause] [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2012] >> president obama from within the last half-hour. his press spokesman, jay carney is brief regular porters now, you can follow that on c-span.org. word that presid
and actually it make ours deficit worse system of we need to get this right. i can only do it with the help of the american people. so tweet, what was that again, #my2k. tweet using the hashtag #my2k. post it on a member of congress' facebook wall, email, to what it takes to communicate a sense of urgency. we've got a few weeks to get this thing done. we could get it done tomorrow. now, optimistcally, i don't think we're going to get it done tomorrow. but i tell you if everybody here goes out...
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Nov 26, 2012
11/12
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especially in gop support for a deficit deal. as negotiations continue over the fiscal cliff, we go back to august 2011. reviewing some of the debate and news conferences, the budget control act created those cuts set to take effect in january. that begins tonight at 8:00 eastern here on c-span. >> you listen to maitre bloomberg who said that the damage was unprecedented. that it may be the worst storm the city has ever faced. governor christie said the damage in new jersey was unthinkable. we had a fires. we had hurricane-force winds. we had massive of flooding. we had feet of snow. you look at that, the flooding of the subway systems, the shutdown of the stock exchange, you start to get a sense of the massive scale and scope of this storm. and yet, the networks performed. carry dozens of stories about how many consumers only wink to information was through their smartphones. linking social media and their smartphone. while there was obviously an impact, i think the networks performed really well. >> some networks did well, some
especially in gop support for a deficit deal. as negotiations continue over the fiscal cliff, we go back to august 2011. reviewing some of the debate and news conferences, the budget control act created those cuts set to take effect in january. that begins tonight at 8:00 eastern here on c-span. >> you listen to maitre bloomberg who said that the damage was unprecedented. that it may be the worst storm the city has ever faced. governor christie said the damage in new jersey was...
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Nov 21, 2012
11/12
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however, the cbo projects that under a possible such a policy assumptions the deficit could still be greater than 4% of gdp in 2018, assuming the economy has returned to its potential by then. moreover, under the protection, the deficit and the ratio of federal debt to gdp would subsequently returned to an upward trend. we should all understand that long-term projections of ever increasing deficits will never accept underpass because the willingness of lenders to continue to fund the government can only be sustained by a responsible fiscal plans and actions. a credible framework to set a better fiscal policy, one in which the ratio of federal debt to gdp eventually stabilizes or declines, is urgently needed to maintain stability. even as policy-makers address the urgent issue of longer run out stability, they should not ignore a second key objective, to avoid unnecessarily adding to the head winds that are already holding back the economic recovery. fortunately, these objectives are compatible and mutually reinforcing. preventing a sudden and severe contraction in fiscal policy early
however, the cbo projects that under a possible such a policy assumptions the deficit could still be greater than 4% of gdp in 2018, assuming the economy has returned to its potential by then. moreover, under the protection, the deficit and the ratio of federal debt to gdp would subsequently returned to an upward trend. we should all understand that long-term projections of ever increasing deficits will never accept underpass because the willingness of lenders to continue to fund the government...
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Nov 29, 2012
11/12
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it doesn't add to the deficit. in fact, it needs to be -- if any change needs to be made to it, it needs to be on the own freestanding. social security is one of the greatest programs this country has ever produced. it helps literally millions and millions of senior citizens and people on disability and people who receive survivor benefits and it's a great program and we should continue to support that program. we don't need to mess with it. when we do want to reform it, it needs to be something that will preserve benefits for people. and allows the program to continue. it's a solid program and it doesn't need to be in these budget entanglements. i hope americans really get the fact -- some people say, well, ok, you're right social security doesn't add to the deficit. let's talk about it anyway. let's talk about it for a minute anyway even though it shouldn't be considered. here's what could be said, mr. speaker, by someone who wants to defend the excellent program known as social security. they might say shouldn't
it doesn't add to the deficit. in fact, it needs to be -- if any change needs to be made to it, it needs to be on the own freestanding. social security is one of the greatest programs this country has ever produced. it helps literally millions and millions of senior citizens and people on disability and people who receive survivor benefits and it's a great program and we should continue to support that program. we don't need to mess with it. when we do want to reform it, it needs to be...
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Nov 29, 2012
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budget deficit by over $1 billion over the next five years. . that is unpaid for as well. so again there are many ways that immigration can be looked at to reduce our budget deficit, and many concepts of comprehensive immigration reform, either through fees paid by those who violate the law, penalties paid, increased taxes going forward for those who would have to pay taxes under immigration reform, would actually reduce our deficit, but here we are with a solitary idea around immigration that forces all members of this body to weigh two valuable programs against one another. and at the same time cost taxpayers over $1 billion over the next five years. it's a choice that congress shouldn't face. there are also very legitimate concerns that not only does this bill weigh two valuable programs , but in fact it's a backdoor way to reduce the number of legal immigrants. there should be no hesitation in saying it by reducing the number of legal immigrants we will increase the number of illegal immigrants. so again this bill will likely increase the nu
budget deficit by over $1 billion over the next five years. . that is unpaid for as well. so again there are many ways that immigration can be looked at to reduce our budget deficit, and many concepts of comprehensive immigration reform, either through fees paid by those who violate the law, penalties paid, increased taxes going forward for those who would have to pay taxes under immigration reform, would actually reduce our deficit, but here we are with a solitary idea around immigration that...
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Nov 21, 2012
11/12
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the cbo projects that under a plausible set of assumptions, the budget deficit would still be greater than 4% of gdp in 2018, assuming the economy has returned with potential by then. moreover, under the cbo projection, could deficit and raise your federal debt to gdp would subsequently returned to an upward trend. we should all understand that long-term projections of ever increasing deficits will never actually come to pass because the willingness of plunder to continue to fund the government can only be sustained by irresponsible fiscal plans and actions. host: that was ben bernanke at the economic club of new york yesterday. looking for your confidence in the u.s. economy. already getting some comments on facebook -- abroad we are taking your comments on twitter, facebook, and calls. we start with joseph from maryland on the democratic line. thanks for joining us. caller: good morning. the issue is -- there are multiple variables. it's not just the fiscal cliff. our economy is interdependent, we are dependent on europe and china and those economies are slowing down. inevitably, th
the cbo projects that under a plausible set of assumptions, the budget deficit would still be greater than 4% of gdp in 2018, assuming the economy has returned with potential by then. moreover, under the cbo projection, could deficit and raise your federal debt to gdp would subsequently returned to an upward trend. we should all understand that long-term projections of ever increasing deficits will never actually come to pass because the willingness of plunder to continue to fund the government...
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Nov 27, 2012
11/12
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the president has on the table a proposal that reduces the deficit by $4 trillion, that does so in a balanced way that includes substantial cuts to discretionary, nondefense spending, over $1 trillion, that includes revenue and includes $430 billion from our health care entitlement programs. that is substance. so he has not waited for people to start smelling the jet fumes at national airport. he's actively put forward a plan that -- >> [inaudible] >> i don't know of secretary geithner's precise whereabouts. i can at this moment he was here earlier this morning. i can tell you that members of the president's team are continuing to work on this issue, as are members of congress' team and the congressional leader's team. it does not, i think, make a lot of sense to simply say never mind, the american people and business leaders and small business leaders and civic leaders and labor leaders, you know, cut them out of the process and stop the conversation. the president thinks that's a big mistake. >> [inaudible] wouldn't it suggest to people and the markets that the president meeting wi
the president has on the table a proposal that reduces the deficit by $4 trillion, that does so in a balanced way that includes substantial cuts to discretionary, nondefense spending, over $1 trillion, that includes revenue and includes $430 billion from our health care entitlement programs. that is substance. so he has not waited for people to start smelling the jet fumes at national airport. he's actively put forward a plan that -- >> [inaudible] >> i don't know of secretary...
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Nov 24, 2012
11/12
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we have a trillion dollar deficit plus. two-thirds of dodd-frank had not been written, etcetera. i have not heard any solutions. i think you are right -- you ought to published on-line bills, we don't do that. i think transparency is great. but we have a real situation that unless it is fixed, this fiscal cliff could be potentially catastrophic especially when it is added to what is happening in europe. what can do you think then begun positively given a deadlock? if we did not get this fixed, would you agree we have a huge problem? >> yes, we have a huge problem. the federal government has run up $5 joe in of that and nothing to show for it the last four years, the economy is weak -- the government has run up $5 trillion in debt. you go back into the century, they have all recoup a lot faster than this one. obama and hoover both reacted the same way to a recession, which was more spending, higher taxes, and massive new regulations and fdr -- who had not done anything hoover had not done already, except the sec, are doing the same thing. i think there was very serious damage done
we have a trillion dollar deficit plus. two-thirds of dodd-frank had not been written, etcetera. i have not heard any solutions. i think you are right -- you ought to published on-line bills, we don't do that. i think transparency is great. but we have a real situation that unless it is fixed, this fiscal cliff could be potentially catastrophic especially when it is added to what is happening in europe. what can do you think then begun positively given a deadlock? if we did not get this fixed,...
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Nov 27, 2012
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and we know that the only way we can solve our long-term debt and deficit problem is to fix the unsustainable growth rates of our very popular entitlement programs. the president has indicated an openness to that and now's the time to actually do it. and i hope we can put all this divisiveness behind us and build the confidence and relationships on a bipartisan basis, which would help us get there here at the end of the year. >> the president and leader reid said social security should be off the table. what's your reaction to that? >> all of the entitlements need to be discussed, because they all to one degree or another are on an unsustainable path. medicare is in more immediate danger. we want to save these programs and i understand the dilemma that the president and the majority leader have. they don't want to change anything. they think any commitment made by the federal government on any program at any time ought to be there forever. well, times change. and until we make sure these popular entitlement programs fit the demographics of the changing america, we can't save them. we all know
and we know that the only way we can solve our long-term debt and deficit problem is to fix the unsustainable growth rates of our very popular entitlement programs. the president has indicated an openness to that and now's the time to actually do it. and i hope we can put all this divisiveness behind us and build the confidence and relationships on a bipartisan basis, which would help us get there here at the end of the year. >> the president and leader reid said social security should be...
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Nov 25, 2012
11/12
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that is a $200 billion deficit right now. it is a bridge to renewable energy. if we can move to gas, we will get tremendous benefits in terms of a cleaner energy on a way to a renewable energy future. if we could get those things done, this to be transformational for our economy, but we cannot act on these things even though there is a lot of bipartisan agreement. >> let me just try to poke holes in this. if we rolled back time to just before the financial crisis. look at the u.s.. doug holtz-eakin was out there bitching about that already. it's much worse today. if you look at debt in a different way. if you look at private-sector debt -- just forget government debt. private-sector debt was 160% of gdp. despite the myths of the leveraging, today we are back in that same crisis mode. you also have structural corruption and between regulators, financial institutions and other players in the economy and you have a private sector events leading to a government response. my question is why is it never on this list to get the private sector robber control? there is
that is a $200 billion deficit right now. it is a bridge to renewable energy. if we can move to gas, we will get tremendous benefits in terms of a cleaner energy on a way to a renewable energy future. if we could get those things done, this to be transformational for our economy, but we cannot act on these things even though there is a lot of bipartisan agreement. >> let me just try to poke holes in this. if we rolled back time to just before the financial crisis. look at the u.s.. doug...